The probability investors assigned to a Fed rate hike in September was little changed near 90 percent after the president's remarks, while the probability of a December hike was also holding near 65 percent, according to trading in federal funds futures.
After criticising the Federal Reserve for raising the cost of borrowing, he went on to say: "The United States should not be penalized because we are doing so well".
Powell, perhaps wary of provoking the ire of the president, has also been particularly careful in press conferences and congressional testimony when asked to comment on Trump's tax and trade policies.
Prior to that, President Richard Nixon put pressure on more than one Fed chief to bend to his will on setting interest rates, which is why at least one watcher says the current squabble between the White House and the Fed is nothing new.
The harsh comments took fresh aim at pillars of the worldwide economic system and underscored Trump's break with long-established norms by again openly rebuking the Federal Reserve for raising interest rates.
In a taped interview with the business channel CNBC, Trump warning, "I'm willing to go to 500", meaning he's prepared ultimately to impose tariffs on $500 billion in Chinese imports - roughly the value of all the goods Beijing shipped to the United States past year.
On a softer note, Trump added, "I am not happy about it".
Speaking about Fed policy in his interview with CNBC, Trump said he is "letting them do what they feel is best".
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The Reserve has hiked interest rates five times since Mr Trump took office at the start of 2017.
Policymakers around the world go out of their way to maintain the independence of their central banks, because the temptation to use monetary policy as a political tool by elected officials is too great. In addition to Trump's comments to CNBC, Larry Kudlow, the president's top economic adviser, also told Fox Business last month he hoped the Fed raised rates "very slowly".
'Of course the President respects the independence of the Fed.
Fed spokeswoman Michelle Smith declined to comment.
During the 2016 presidential campaign, Trump was highly critical of the Fed and accused its policymakers of keeping rates at ultralow levels to favour Democrats. And because we live in a reality where logical human behavior reigns supreme, the president has remained demure on all Fed-related topics this morning... Given Trump's recent Fed picks, this doesn't appear to be the case.
Representatives for the Fed could not immediately be reached for comment.
The Chinese currency fell 0.5 per cent against the USA dollar in offshore markets to 6.8130 per dollar after Trump's comments.
While the White House attempted to assuage concerns by reiterating the president's support for the Fed's independence, the comments still raised the spectre of a huge policy mistake from the 1970s.